How much does a small multifamily purchase agreement cost?

Question

Does anyone know about how much a small multifamily purchase agreement costs? This is an off-market deal so no agents/brokers involved--I would need to get the purchase agreement from an attorney. The building is about 10k sq. ft.

Thanks

Evan Polaski · Answer

@Daniel Alfandre, this is really not worth the paper it is written on (get it... this is digital).  If you are wanting a generic purchase contract, and willing to accept a basic template, you are likely talking a few hundred dollars.  Then it can go up from there as you want to create stronger language for any nuances that need covered in your deal.

Find a local RE attorney and ask.  They should be able to give you a basic estimate.

Steve Morris · Answer

Well, assuming you have no issues, think the RE atty is best.  If you want to cheap out, I hear some title companies will give you a PSA blank, but I'd really want to know what I'm doing first.

Daniel Alfandre · Answer

@Steve Morris & @Evan Polaski, I found a local RE attorney who charged me $450/hr.  It took him two hours.  I feel good about this as he is very knowledgeable about the legal aspects of the market in which I'm investing and can help me navigate additional legal circumstances in the future and most likely save me money in the long run.